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Defaulted loans soar to Tk 2.2 lakh crore in 20 yrs: BB report

Published : Tuesday, 25 June, 2019 at 12:00 AM  Count : 794

Bangladesh Bank (BB) on Monday submitted a report to the High Court saying that the amount of total defaulted bank loans is Tk 2.2 lakh crore in the last 20 years.

Of the total, 1.1 lakh crore is eligible to be collected, Tk 80,000 crore is awaiting court orders in connection with different cases and Tk 30,000 crore cannot be realized, the report said.
The money was taken by loan defaulters from different banks through 10,476 different accounts in the last 20 years.
Attorney General Mahbubey Alam and Barrister M Moniruzzaman submitted the sealed reports to the HC bench of Justice FRM Nazmul Ahsan and Justice KM Kamrul Kader during hearing a writ petition.

The bench asked the BB lawyer to submit the report through affidavit. The HC bench also extended its May 21 order that issued a status quo on the BB circular allowing defaulter to reschedule their loans with a repayment period of up to 10 years and to get further loans.

The extension of status quo order will remain in force for the next two months. Advocate Manzill Murshed appeared for the writ petitioner.
On May 21, The HC halted the loan defaulters' privilege to secure further loans by rescheduling their defaulted loans upon a down payment of just 2 per cent of the total loan amount following a petition filed by Human Rights and Peace for Bangladesh (HRPB) seeking a stay on the BB circular.
The same HC bench on May 16 ordered the BB to submit by June 23 a list of names and addresses of borrowers, who defaulted on loans of over Tk 1 crore each. It also asked the BB governor to submit to it a report by the same date with details on the money laundered to different countries and the steps taken to recover it.
The court said it would take necessary action against the BB if it fails to submit the list and the report to it.

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